Long Beach Real Estate-Downtown Long Beach Condos

Long Beach Own Your Owns - OYOs

What the Heck is an OYO?

Why would I want to own one?

Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings.   Recent Condo Conversions have trimmed the numbers of available OYOs considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits.  Often condo conversion was the motivation for purchasing an Own Your Own. 

Many buyers ask about OYOs.  They want to know if they are the same as a condo, or more like a stock cooperative. 

OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. 

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HR 5830: The FHA Housing Stabilization and Homeowership Retention Act of 2008 , is designed to provide relief for homeowners in trouble by refinancing their loan to reflect lower housing valuations.  If the current lender ˜forgives 10% of the loan balance, it allows a homeowner to enter into an equity sharing type of arrangement for a refinanced loan.

I offered my analysis of and support for this bill, on BloodhoundBlog.  A discussion arose about a change on social mores, most often associated with younger, first time home buyers.  It seems that the compunction that comes with a mortgage default has disappeared.

My questions for discussion are:

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Long Beach California Real Estate Sales Update

January - April 2008

The real estate market in Long Beach has begun to shift.  We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided.  Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting. 

Interest rates are still great, although lenders are tightening up on lending standards.  It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low.  As we progress into the summer months lending standards will become even more stringent.   

• Long Beach Mortgage Rates Reports

If you are one of the consumers who has been sitting on the sidelines waiting for Long Beach real estate prices to drop before you begin your buying process, you might want to speak to a mortgage lender pretty soon.  Run your credit, find out if you qualify for a home loan sufficient to make that purchase.  You may also decide to go ahead and buy now while Long Beach prices are low, some concessions are still being granted and home loans are still available to consumers with less than pristine credit. 

• Long Beach Homes & Condos-7 Steps to Pre-Home Purchase Preparedness 
• Buying Your Long Beach Home - Getting Started 
• Long Beach Home Search-Where do I start? 
• New FHA Loan Limit For Long Beach Homes
  
• Long Beach Homes - To Buy or Not To Buy? 
• Long Beach Homes and Condos - Negotiating Your Offer 
• Long Beach Home Ownership - 1st Time Home Buyers and The American Dream 

 Real Estate Sales in Long Beach California - 2008 - Year to Date

• Long Beach Homes and Condos Market Report-Jan-Dec Home Sales 2007 
• Long Beach Income Property Market Report-January-December 2007-Including Signal Hill 
• Downtown Long Beach Stock Co-operatives 

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Long Beach Condos - Sales April 2008

(Includes Long Beach Lofts and Loft live/work space Sales)

There are currently 652 Lofts and Condos for Sale in Long Beach

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